HUNTSVILLE, AL - Lakeland Industries , Inc. (NASDAQ:LAKE), a global manufacturer of protective clothing, today announced the appointment of James M. Jenkins as the new President and CEO, effective June 1, 2024. Jenkins, who has served as Executive Chairman since August 2023 and as Acting CEO since February 1, 2024, succeeds Charles D. Roberson.
Jenkins' history with Lakeland extends back several years, having been a board director since 2016 with an interim period from 2012 to 2015. His strategic influence has been credited with advancing Lakeland's global presence in the fire services sector and driving growth through product development and operational optimization.
Prior to Lakeland, Jenkins contributed to significant shareholder returns at Transcat (NASDAQ:TRNS), Inc., where he increased market capitalization and revenue as Chief Legal Officer, Corporate Development Officer, and Corporate Secretary.
Tom McAteer, Lead Independent Director, expressed confidence in Jenkins' leadership and the direction he has set for the company, noting recent acquisitions and market expansions under his guidance. Jenkins reaffirmed Lakeland's commitment to growth and market leadership in protective clothing, emphasizing the company's focus on high-value products and a robust acquisition strategy.
Lakeland Industries serves a diverse range of industries, including healthcare, oil and gas, and government agencies, through a network of over 2,000 distributors worldwide. The company's reach extends to more than 50 foreign countries, with a significant presence in China, the European Economic Community, and North America, among others.
This transition in leadership is part of Lakeland's ongoing strategy to enhance shareholder value and maintain its competitive edge in the market. The information in this article is based on a press release statement from Lakeland Industries.
InvestingPro Insights
With the appointment of James M. Jenkins as President and CEO, Lakeland Industries (NASDAQ:LAKE) is poised to continue its strategic growth. The company's financial health and market performance offer investors some encouraging signals. Lakeland Industries currently holds more cash than debt on its balance sheet, which could provide the flexibility needed for Jenkins' growth and acquisition strategies. Moreover, analysts are optimistic about the company's future, predicting that net income is expected to grow this year.
From a valuation perspective, Lakeland Industries is trading at a P/E ratio of 23.4, which is considered low relative to its near-term earnings growth. This could indicate that the stock is undervalued, presenting a potential opportunity for investors. Moreover, with a PEG ratio of just 0.11, the company's price-to-earnings growth ratio suggests that investors may not be fully recognizing the earnings growth prospects of Lakeland.
InvestingPro data also reveals a solid revenue growth of 10.49% over the last twelve months as of Q4 2024, with a gross profit margin of 41.06%. This financial performance is underpinned by a substantial return on assets of 3.66% for the same period. These metrics reflect the company's ability to generate profits from its assets efficiently.
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